Vancouver, January 8, 2007 - Global Developments, Inc. (PINKSHEETS: GBDP), a publicly traded venture capital company, is pleased to provide the following update with respect to PetroSun Inc., an oil exploration company in which Global holds an equity stake. PHOENIX, AZ--(MARKET WIRE)--Jan 8, 2007 -- PetroSun, Incorporated (PINKSHEETS: PSUD) announced today that the company has completed the acquisition of all of the member units of 1031 Energy, LLC of Denver, Colorado. 1031 Energy specializes in placing 1031 tax deferred real estate investors into producing oil and gas properties. The members of 1031 Energy received 150,000 shares of PetroSun restricted common stock as consideration for this transaction. "The acquisition of 1031 Energy provides PetroSun with the ability to add quality proven undeveloped oil and gas reserves and enhance the oilfield services operations of the Company," said Gordon LeBlanc, Jr., Chairman and CEO of PetroSun. "Dana Veitch, Steve Hickox and Chris Sayre, the principals of 1031 Energy, will also add veteran industry professionals to the PetroSun team." The President of 1031 Energy is Dana Veitch. Mr. Veitch has participated in oil and gas M&A activities since 1979 with major and independent energy companies including ARCO, Phillips Petroleum (now ConocoPhillips), Chevron USA and Anadarko. He is a graduate of Western State College in Gunnison, Colorado in 1978. Steve Hickox, Vice President of 1031 Energy, has actively practiced law since 1981 and is licensed in Colorado. Mr. Hickox's specialties include real estate, lending and tax law. In 1994 he established 1031x.com. The company now has a twelve-year track record of successful growth with exchange transactions in excess of one hundred million dollars. Mr. Sayre, a co-founder of 1031x and 1031 Energy, is in charge of marketing and finance. Mr. Sayre is a graduate of the University of Colorado with a degree in Geology. He later received an MBA in Business Administration specializing in finance from the University of Denver. 1031 Energy will maintain its headquarters in Denver, Colorado as a PetroSun district office. The website for 1031 Energy is located at www.1031energy.com. About PetroSun PetroSun's current operations are concentrated in the Ark-La-Tex region with plans to expand into New Mexico, Arizona, Utah and Australia in 2007. PetroSun provides a comprehensive array of products and services to the oil industry. Algae BioFuels, a wholly owned subsidiary of PetroSun, is an emerging producer of biodiesel derived from the cultivation of algae. The Company's cutting edge technologies, combined with a proven ability to apply them effectively and safely within a disciplined ROI framework, creates long term value for PetroSun shareholders and partners. PetroSun is headquartered in Phoenix, Arizona. For more information about PetroSun visit the company's website at http://www.petrosuninc.com. About Global Developments Global Developments, Inc. is a publicly traded venture capital company. It was formed to create a unique investment vehicle representing a growing portfolio of innovative and emerging growth-oriented companies. Global acquires its portfolio companies either as wholly or partially owned subsidiaries, or as an investment where Global is the lead investor. As a result, Global maintains substantial management and operational control, thereby giving it the ability to provide significant oversight and guidance in building value and creating liquidity events for its shareholders. Global invests in companies with solid management, operational excellence, and the potential to grow substantial revenue streams. Please visit http://www.globaldevelopmentsinc.com for more information. Forward-Looking Statements You should not place undue reliance on forward-looking statements in this press release. This press release contains forward-looking statements that involve risks and uncertainties. Words such as ``will,'' ``anticipates,'' ``believes,'' ``plans,'' ``goal,'' ``expects,'' ``future,'' ``intends,'' and similar expressions are used to identify these forward-looking statements. Actual results could differ materially from those anticipated in these forward-looking statements for many reasons, including the risks we face as described in this press release. For further information about Global Developments, Inc. please refer to its Web site at http://www.globaldevelopmentsinc.com. Contact: Global Developments, Inc. Leighton Dean (604) 685-7552 [email protected] Source: GLOBAL DEVELOPMENTS, INC.